A higher minimum wage impacts those with the fewest skills or least experience the most, which often means teenagers looking for entry-level jobs.
How is minimum wage determined in Australia? Currently, the Fair Work Commission, an independent body, calculates the national minimum wage. The minimum wage of $812.60 per week is calculated on the basis of working 38 hours at $21.38 per hour.
The Ministry of Labour is involved in setting minimum wages.
The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all, and a minimum living wage to all who are employed and in need of such protection.
The latest report on 2021 data from the Bureau of Labor Statistics (BLS) finds that 44.4% of all employees earning the federal minimum wage are between the ages of 16 to 24.
Average Australian Salary by Age
According to the ABS, between 45 and 54 is when you are earning the most.
The primary argument advanced in favor of raising the minimum wage is that higher earnings would improve the overall standard of living for minimum wage workers by providing them with a more appropriate income level to handle the cost of living increases.
This is the minimum pay rate provided by the Fair Work Act 2009 and is reviewed each year. As of 1 July 2022 the National Minimum Wage is $21.38 per hour or $812.60 per week.
Employees cannot be paid less than their applicable minimum wage, even if they agree to it.
How does the salary as a Students at McDonald's compare with the base salary range for this job? The average salary for a Students is $20 per hour in Australia, which is 4% higher than the average McDonald's salary of $19 per hour for this job.
So, with higher minimum wages, workers take longer to find a job, but once they find one, it is both more stable and higher paid. Evidence for Canada shows that when minimum wages are higher, it takes workers longer to find jobs, but, once found, those jobs last longer and pay more.
The three primary characteristics of a monopsony are (1) one firm purchasing all of the goods and services in a market, (2) no other buyers in the market, and (3) barriers to entry into the market.
$40/hour works out at around $79,000/year before tax and is at the low end of average earnings. If you're single (or don't have a working partner) and don't live in Sydney or Melbourne, you will manage but you won't be living the high life.
Baby Boomers own half of Australia's wealth, despite being just one-fifth of the population.
The current national minimum wage for 2022/23 is $21.38 per hour. With every Annual Wage Review, unions make submissions to the FWC. These union submissions are basically arguments to the FWC to support a meaningful increase for around one in four workers in Australia who will be impacted by the decision.
If you are not under an award as a junior employee, the percentages of the national minimum wages are as follows: under 16 years of age: 36.8% of national minimum wage = lowest hourly rate of $7.30. 16 years of age: 47.3% of national minimum wage = minimum hourly rate of $9.38.
Wages in Australia averaged 553.70 AUD/Week from 1969 until 2022, reaching an all time high of 1378.60 AUD/Week in the fourth quarter of 2022 and a record low of 59.10 AUD/Week in the third quarter of 1969.
The Australian Federal Minimum Wage has long historical roots going back to the 1907 Harvester Decision which established a 'fair and reasonable' wage to meet the needs of a working man and his family.
The Australian Federal Minimum Wage has long historical roots going back to the 1907 Harvester Decision which established a 'fair and reasonable' wage to meet the needs of a working man and his family.